LANCASTER, Pa. — Note: The video is from August 11.
Cresco Labs, a vertically integrated multistate operator and the number one U.S. wholesaler of branded cannabis products, announced on Monday that it has completed the purchase of Cure Pennsylvania and the medical marijuana dispensary it runs in Lancaster.
Cresco will also take over Cure Penn's dispensaries in Phoenixville and Philadelphia, the company announced.
Cure Penn’s dispensary locations are incremental and complementary to Cresco Labs’ five existing Sunnyside dispensaries in Pennsylvania, Cresco said.
“Our focus heading into 2022 is on tailoring our strategy to the dynamics of each state to maintain a dominant market position and increase profitability," Cresco Labs CEO and co-founder, Charlie Bachtell, said in a press release. "Between the acquisition of Cure Penn and the pending acquisition of Laurel Harvest, we are adding four new operational stores, licenses for five incremental stores, and 52,000 square feet of indoor cultivation space in Pennsylvania."
“The moves we’re making in this state to increase our retail footprint and add cultivation put us in the best position to remain the number one wholesaler in the current framework and continue to win when adult-use is ultimately introduced," the statement continued. "Another example of our focus on strategic breadth, depth and execution as the path to success today and as this industry evolves.”
Cresco said it expects to transition all stores in Pennsylvania to Sunnyside by the end of the first financial quarter in 2022.